Myanmar regarded the report as an action intended to harm the interests of Myanmar and its people and does not believe that such an action contributes in any way to the resolution of the challenges that the nation faces in Rakhine state, the statement said.

The statement revealed that Myanmar opposed the establishment of the fact-finding mission by the UN human rights council as it was based on unfounded allegations.

The ministry said that Myanmar adheres firmly to the position that cooperation should be the basis for the resolution of international issues, including that of human rights, and economic sanctions are not believed to resolve the challenges.

It also mentioned that Myanmar has already had in place its national accountability mechanism such as Myanmar government's Independent Commission of Enquiry for accountability issue in Rakhine state while Myanmar military also established its own Commission of Enquiry to address the allegation of human rights violations in northern Rakhine state.

The ministry expressed opposition to mechanisms that are set up without allowing for national remedies to be exhausted.

The Foreign Affairs Ministry expressed its belief that the challenges in Rakhine state would be solved through promotion of rule of law and sustainable development, stressing the aim to concentrate on building social cohesion and creating a secure, prosperous environment where the people of Rakhine state can live in peace and harmony.

On Monday, the UN fact-finding mission established a report titled Economic Interests of the Myanmar Military, mentioning military's business ties and calling for targeted sanctions and arms embargoes.